Maples and Calder Advises Abcam on US$170 Million Acquisition of Epitomics

Maples and Calder and Hogan Lovells have advised AIM listed Abcam plc (Abcam) on its acquisition of the entire issued share capital of Epitomics International Inc (Epitomics), a Cayman Islands company, for US$170 million. Epitomics is based in San Francisco with operations in China. Abcam, a global leader in the supply of protein research tools, has acquired the antibody business which is focused on the development, production and distribution of rabbit monoclonal antibodies (RabMAbs®) for biomedical research and diagnostic applications.

The acquisition was funded in cash and stock. Abcam issued approximately 14.5 million new shares as part of the deal and has put in place a new credit facility to help fund the acquisition. The transaction was structured by way of a tender offer followed by two mergers under Cayman Islands law, the second of which became effective on 20 June 2012.

Maples and Calder acted as Cayman Islands counsel to Abcam and the Maples team was led by corporate partner, Jack Marriott in London and included associate, Matthew Bloomfield. The Maples team worked closely with Hogan Lovells, who fielded a cross-border team in their London, Palo Alto and Shanghai offices.

Shaun Denton, Managing Partner of the Maples and Calder London office, commented:

"We were very pleased to have been able to assist Abcam on this important strategic acquisition that fits with its global vision to become the world’s leading life science tools company. This transaction is one further example of how flexible and useful the Cayman merger regime can be as a solution to structuring issues".